By Sue Nickason

The Cayman Islands has long been regarded as an international hub for financial services and a preferred locale for luxury Caribbean vacations.

But what this British Overseas territory is increasingly attracting attention for is its permanent residency programs —  and the opportunity to live forever in a tropical paradise.

Globally mobile individuals have long sought places such as the Cayman Islands to achieve residency status but certainly the affairs of 2020 have accelerated that search.

A global pandemic, rising wealth taxes, growing income insecurity and social discord has prompted many individuals to seek refuge in jurisdictions which offer low or no tax, sound economic fundamentals, a high standard of living and social cohesion.

Here are five attributes in particular that are prompting individuals to establish permanent residency in the Cayman Islands.

Ease of ownership

There are no restrictions on foreign ownership of property in the Cayman Islands and no alien landholding licenses required. 

The Cayman Islands operates the Torrens system of land registration. The registry records all title records and the details of all land ownership information in the Cayman Islands, together with a Registry Map which indicates the boundaries of each individually owned parcel of land. The Government of the Cayman Islands will pay compensation to any person who suffers a loss due to an error in the Land Register which cannot be rectified. On this basis, obtaining title insurance is generally considered unnecessary in the Cayman Islands.

No direct taxes

There are no corporate, income, capital gains, inheritance, recurring property or sales (VAT) taxes in the Cayman Islands. 

Economic fundamentals

The Cayman Islands has one of the lowest debt to GDP ratios in the world, as well as one of the highest standards of living. Its world-class financial services sector contributes up to 70% of GDP. The territory maintains a Moodys A-3 credit rating and is reputed to have the fifth strongest currency in the world.

High standard of living

Excellent healthcare facilities and schools, modern infrastructure, the best telecommunications system in the Caribbean and one of the lowest crime rates in the world all contribute to a high standard of living and the type of lifestyle ordinarily reserved for the elite in other countries.

Island living

Balmy year-round temperatures and a rich natural environment that encourages year-round participation in a wealth of marine and land-based activities produces an enviable tropical lifestyle for residents of the Cayman Islands. Add in its status as the culinary capital of the Caribbean, a thriving cultural scene and a sophisticated community represented by over 135 nationalities, all located on islands surrounded by a turquoise-colored sea, and it’s easy to see why the Cayman Islands is fast becoming the jurisdiction of choice not only in the Caribbean but across the globe.

These compelling benefits invariably invite the question, “How can I live in the Cayman Islands and become a permanent resident?” For qualified applicants, it’s a straightforward process and one which can ordinarily be executed in a timely and efficient manner. There are two options available for residency by investment through real estate.

1. Investment Certificate for Persons of Independent Means 

This option is valid for 25 years and entitles the holder to reside in the Cayman Islands without the right to work. Applicants must invest a minimum of US$1.2 million, of which at least half must be in developed residential real estate in Grand Cayman. In addition, applicants need to demonstrate a continuous source of annual income of CI$120,000 or open a bank account with a Cayman Islands Monetary Authority-regulated and locally licensed institution and maintain a minimum deposit in the account of at least CI$400,000. In addition, certificate holders must spend a minimum 30 days annually in the Cayman Islands. 

2. Certificate of Permanent Residence for Persons of Independent Means 

This provides the holder (and any qualifying dependents) with a lifetime right to reside in the Cayman Islands without the right to work. However, the holder or spouse can apply for a variation to the Certificate in order to obtain the right to work. 

An applicant must invest a minimum of US$2.4 million in developed real estate in the Cayman Islands. There is no specified minimum annual income requirement, but all applicants must be able to demonstrate that their financial resources are sufficient to maintain themselves and their dependents adequately. Certificate holders must spend at least one day a year in the Cayman Islands. 

This option has no expiry date and it offers a path to naturalization as a British Overseas Territories Citizen once the applicant has been legally and ordinarily resident in the Cayman Islands for five years. Naturalization entitles the holder to a British Overseas Territories (Cayman Islands) passport and enables them to apply to register as a full British Citizen and obtain a British passport. In taking this up, there is no obligation to surrender any existing citizenships.  

For both programs, the applicant shall need to demonstrate: 

• They have not had any criminal convictions 
• They are in good health
• They have purchased locally compliant health insurance coverage 
• They can demonstrate the required financial standing 
• They have made the prescribed investment in the Cayman Islands 

Provenance Properties, the exclusive affiliate of Christies International Real Estate in the Cayman Islands, can assist RBI applicants in fulfilling their investment requirements by identifying properties which meet the minimum investment criteria and providing exclusive VIP service, proprietary market data, and introductions to local service providers. 

For more, contact them at info@provenanceproperties.com or +1.345.640.7000.

The post How to Earn Permanent Residency in the Cayman Islands appeared first on Caribbean Journal.

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No other destination in the world is as closely associated with all-inclusive resorts as  Punta Cana in the Dominican Republic. The beach destination on the east coast of the Dominican Republic hosts around 5 million visitors in a typical year, and dozens of its 100-plus resort hotels are all-inclusives where you’ll pay one price for your room, meals, and most drinks, activities, and entertainment.

Not all of the resorts in Punta Cana have reopened in the wake of the COVID-19 pandemic, but here are 15 Punta Cana all-inclusive hotels that are welcoming you back to the beaches of Punta Cana, Cap Cana, and Bavaro right now:

Hyatt Ziva Cap Cana: A freeform pool is embraced by mid-rise hotel buildings at this Hyatt branded all-inclusive beach resort, which welcomes families and couples with a dozen restaurants, a water park, swim-up suites, and all the activities of the Cap Cana community.

The post 15 Punta Cana All-Inclusive Resorts You Can Visit Now appeared first on Caribbean Journal.

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If you haven’t gotten around to visiting Anguilla as yet, imagine an island the size of Manhattan with the population of just two high-rises, surrounded by 33 sugary white beaches, lapped by stunning turquoise waters ‒ with temps in the mid-80s and a tropical breeze, just about 365.

After years of commuting before and after daylight, we decided to trade our sidewalks for beach walks. It only took a few trips for my husband and I to decide Anguilla was quite simply the very best place to live ‒ and work remotely.

Soon thereafter, we found half an acre overlooking the rocks and a shimmering vista of turquoise, emeralds, sapphires and pearl strands where the waves met the reefs to the north.

Over the next two years, we built a new house, sold the old one, and then locked the door behind us with two cats and one-way tickets to Anguilla.

The Wi-Fi was better than what we had in New Jersey, with access to US television on cable and any newspaper online. Although Anguilla is a British Overseas Territory, our US appliances plugged right in, and US dollars and credit cards are accepted everywhere with a standard conversion rate to Eastern Caribbean currency. And we have taken beach walks nearly every morning ever since.

These are just some of the basics that eased our transition to living and working in Anguilla. Still, anything you’ve read about the glorious beaches, luxurious villas, resorts and dozens of delicious restaurant options being outdone only by the people is true.

One more similarity to Manhattan is that the people comprise a sophisticated, well-traveled, strong and egalitarian community that also values common sense, faith, and courtesy. And for good measure, some of the most punctual and professional people I’ve ever met are born Anguillians. 

Did I forget to mention cosmopolitan?

In addition to Anguillians, several hundred Americans, Canadians and a few English and European denizens, Anguilla is also regionally diverse, with residents and naturalized citizens hailing from as far south as Guyana, Trinidad, Barbados, Saint Lucia and Saint Vincent, to Dominica and Montserrat, to Saint Kitts, Nevis and Saint Martin/Sint Maarten, to Antigua, the British and US Virgin Islands, Jamaica, Cuba, and the Dominican Republic – and Bermuda.

And those are just the countries represented by people we’ve befriended over the years. Indeed, being welcomed into the Anguillian ethos is every bit as engaging as one might hope when given a choice to live anyplace in the world.

In fact, some of the best chefs’ talents we’ve ever savored anywhere are also right here in Anguilla. Across a vast array of creative, independent eateries, the vibrant, varied culture has influenced the cuisine. From beach burgers, rice and peas and barbeque, to French, Mexican, Asian, Italian, classic Anguillian and regional dishes from throughout the Caribbean, the island has offered evolving but always delectable food since our first trip, to where we’ll dine tonight. There are also nearly as many versions of rum punch, signature cocktails, and from elegant to award-winning wine options as there are establishments, as well.

Standouts? Anguillian crayfish (think small lobster, not crawdads!) – and most dishes on traditional menus from Chef Dale at Tasty’s and at E’s Oven, warm Johnny cakes bathed in ice cream and caramel sauce at SandBar, lasagna at Dolce Vita and Vera Pizza at Artisan, roasted corn and quesadillas at Picante, innovations at Ember, terrine of foie gras and lavender ice cream at Hibernia, and everything prepared by Relaix & Châteaux Chef Dominique – and Joya’s mango crème brulee – at Quintessence, to name only a few.

Speaking of choices, part of the allure of living in Anguilla has always been knowing we could also be dining or shopping in New York or Paris in just a few hours on direct flights through nearby Sint Maarten.

Of course, this year’s seismic shifts have put such things once taken for granted into new light. As we stared out from the terrace at the silver glaze on the afternoon horizon a few weeks into our brief lockdown, realizing we literally could not travel was actually comforting.

After all, if one had to be caught anywhere when the borders closed, Anguilla was surely the only place we would want to be.

Those one-way tickets were priceless.

We think anyone who trades their sidewalks for beach walks in Anguilla is likely to agree.

Melinda K. M. Goddard is a business consultant and the author of “One Way Ticket: From America to Anguilla” – the story of building a new villa and a new life in paradise.

The post Why We Bought a One-Way Ticket to Anguilla appeared first on Caribbean Journal.

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